Absa marks substantial separation from Barclays

FINANCE   

Absa bank Uganda's parent company, Absa Group Limited has announced the substantial completion of critical projects on its Separation journey. 

Following Barclays PLC's decision to sell down its controlling stake in Barclays Africa Group Limited in 2016, Absa was permitted to continue using the Barclays brand during the June 2017 to June 2020 transition period. 

The banking group marked the end of this component of the Separation journey on 5 June 2020 with the official name change to Absa in Uganda in November 2019 and across all Absa Group subsidiaries on the continent earlier this year. 

Mumba Kalifungwa, the Absa bank Uganda top boss said that as a unified African brand, Absa has never been more ready to become a self-sufficient bank of the future. 

"We are now able to own and control our processes and infrastructure, upgrading systems and propositions that better serve our customers in Uganda," he said. 

"What's more, the initiatives undertaken have fundamentally improved Absa's resilience and capabilities, benefitting both employees and customers alike," he added. 

Peter Matlare, the Absa Regional Operations (ARO) Chief Executive said that Absa had reached a critical milestone, which was delivered on time and on budget, is so much more than just a name change. 

He said that considering recent events and the prevailing economic environment, as a near-term focus, our strategy has been adjusted to ensure we also prioritise capital preservation and remain liquid. 

Matlare said that rebranding under Absa in 12 African countries has united us under a single brand, identity, purpose and strategy.

"As the accelerated use of technology continues, investing in digital banking services will remain a key priority for us as a business," he said.